Download or read book Benefit Levels of Nonfederal Retirement Programs written by United States. General Accounting Office and published by . This book was released on 1985 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to a congressional request, GAO prepared information on retirement programs in the nonfederal sector by estimating the levels of benefits at retirement that selected nonfederal programs provide to employees by age, years of service, and salary levels. GAO found that benefit formulas for nonfederal pension plans vary considerably; therefore, it calculated the benefit amounts produced by the formulas as a percentage of final salary. GAO found little difference in the average pension plan benefits available to retirees at age 65 and age 62 when years of service and salary levels were equal. Pension plan benefits for employees retiring at age 55 with 30 years of service ranged from 72 to 84 percent of the benefits they would have received if they had retired at age 62 with the same years of service and salary levels. In state government pension plans, age 55 benefits were about 85 percent of the benefit amounts at age 62 with the same years of service and salary levels. In addition, GAO found that state government pension plans provided higher average benefits than private sector pension plans. Finally, GAO found that the capital accumulation plan component of a typical private sector retirement program can add substantial retirement benefits to participating employees. A 30-year career employee who contributes to the plan can supplement his pension and social security benefits by 16 percent or more of his final annual salary. Since states generally do not match employee contributions in their plans, GAO did not calculate any thrift plans for them. Therefore, the combined benefits for state employees were less than those received by private sector employees who participate in thrift plans.
Download or read book Benefit Levels of Nonfederal Retirement Programs written by United States Accounting Office (GAO) and published by Createspace Independent Publishing Platform. This book was released on 2018-05-17 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Benefit Levels of Nonfederal Retirement Programs
Download or read book Benefit Levels of Nonfederal Retirement Programs written by United States General Accounting of Gao and published by . This book was released on 2019-03-17 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Benefit Levels of Nonfederal Retirement Programs
Download or read book Retirement Security written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to a congressional request, GAO prepared information on retirement programs in the nonfederal sector by estimating the levels of benefits at retirement that selected nonfederal programs provide to employees by age, years of service, and salary levels. GAO found that benefit formulas for nonfederal pension plans vary considerably; therefore, it calculated the benefit amounts produced by the formulas as a percentage of final salary. GAO found little difference in the average pension plan benefits available to retirees at age 65 and age 62 when years of service and salary levels were equal. Pension plan benefits for employees retiring at age 55 with 30 years of service ranged from 72 to 84 percent of the benefits they would have received if they had retired at age 62 with the same years of service and salary levels. In state government pension plans, age 55 benefits were about 85 percent of the benefit amounts at age 62 with the same years of service and salary levels. In addition, GAO found that state government pension plans provided higher average benefits than private sector pension plans. Finally, GAO found that the capital accumulation plan component of a typical private sector retirement program can add substantial retirement benefits to participating employees. A 30-year career employee who contributes to the plan can supplement his pension and social security benefits by 16 percent or more of his final annual salary. Since states generally do not match employee contributions in their plans, GAO did not calculate any thrift plans for them. Therefore, the combined benefits for state employees were less than those received by private sector employees who participate in thrift plans.
Download or read book Benefit Levels of Nonfederal Retirement Programs Report the U S General Accounting Office written by United States. General Accounting Office and published by . This book was released on 1985 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Benefit Levels of Nonfederal Retirement Programs written by United States. General Accounting Office and published by . This book was released on 1985 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Features of Nonfederal Retirement Programs written by United States. General Accounting Office and published by . This book was released on 1984 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Retirement written by L. Nye Stevens and published by DIANE Publishing. This book was released on 1998-03 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is considerable debate over how retirement programs for Fed. employees compare with the programs available to other employees in the U.S. Over 75% of FT employees in private establishments with 100+ employees and about 50% of FT employees in private establishments with less than 100 employees are covered by a retirement program. This report is an analysis of Fed. and non-Fed. retirement programs. Provides comparative info. on the features and benefit levels of retirement programs offered by primarily large private sector employers, the FERS, and the CSRS. Extensive comparative charts and tables.
Download or read book Federal Retirement written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pursuant to congressional requests, GAO reviewed federal and nonfederal retirement programs, focusing on: (1) an update of the reports on nonfederal retirement programs GAO completed for Congress when the Federal Employees Retirement System (FERS) was being designed; and (2) a comparison of current nonfederal programs with FERS and the Civil Service Retirement System (CSRS). GAO did not independently verify the accuracy of the Watson Wyatt Worldwide database or the benefit amounts calculated. GAO noted that: (1) the results of GAO's review revealed that there is no clear, bottom-line answer to the question of whether FERS and CSRS offer greater benefits, or smaller benefits, than private sector retirement programs; (2) the benefits available from FERS and CSRS can be smaller, similar, or greater than the average of the programs in the contractor's private sector employer database, depending on a number of factors and how these factors interact with the retirement programs' designs; (3) chief among these factors are the: (a) ages at which employees retire and at which programs provide unreduced benefits; (b) extent to which employees and employers contribute to the defined contribution plans that are integral components of FERS and most private sector programs; and (c) impact of cost-of-living adjustment practices on benefit amounts over the long term; (4) in fact, FERS and CSRS can provide quite different benefit amounts because of their different designs; and (5) as a rule, greater benefits are available from FERS than from CSRS, but FERS employees must contribute higher percentages of their salaries to receive the greater benefit amounts.
Download or read book Retirement Security written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to a congressional request, GAO obtained information on retirement programs in the nonfederal sector to assist in the design of a new civil service retirement system. Using selected surveys, GAO analyzed the pension and capital accumulation portions of nonfederal programs. In reviewing surveys of private sector pension plans, GAO found that vesting usually occurs at 10 years of service. The prevailing private sector practice is to coordinate or integrate the pension plan with social security. In contrast, most states add pension plan benefits to social security with no integration. The method most often used when pension plans are integrated with social security is to offset the amounts that the plans would otherwise pay by some portion of social security benefits. Some nonfederal sector pension plans provide the same benefit amounts for each year of service to all employees. However, the majority of employees are in plans that apply benefit formulas to the average salary earned in the employees' final years of employment to calculate benefit amounts. Very few private sector pension plans require employee contributions. By contrast, state plans generally require employee contributions. Overall, the studies showed that the earliest age at which the majority of employees retired in the private sector with unreduced pension benefits was age 62. In addition, nonfederal employers also provide cost-of-living increases to retirees' pensions and may also provide disability and survivor benefits. The studies showed that most private sector employers provide capital accumulation plans as part of their retirement income program. Finally, GAO found that tax-sheltered deferred compensation plans authorized by the Internal Revenue Code are achieving popularity in the private sector.
Download or read book Federal Retirement written by United States. General Accounting Office and published by . This book was released on 1997 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO found no clearcut answer to the question of whether federal retirement programs offer greater or smaller benefits than those offered by private sector retirement programs. The benefits available from the Federal Employees Retirement System (FERS) and the Civil Service Retirement System (CSRS) can be smaller, similar, or greater than those offered by the private sector, depending on a range of variables. Chief among these factors are the (1) ages at which employees retire and which programs provide reduced benefits, (2) extent to which employees and employers contribute to the defined contribution plans that are integral components of FERS and most private sector programs, and (3) impact of cost-of-living adjustments on benefit amounts over the long term. In fact, FERS and CSRS can provide quite different benefit amounts because of their different designs. As a result, greater benefits are available from FERS than from CSRS, but FERS employees must contribute larger percentages of their salaries to receive the higher benefits.
Download or read book Retirement Security written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO discussed federal retirement issues, focusing on the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). GAO noted that: (1) CSRS has been closed to new entrants since 1983 and is a stand-alone pension system, while FERS covers employees who began federal service after 1983 and includes social security coverage, a pension plan, and a thrift savings plan; (2) CSRS and FERS paid annuities to about 1.7-million retirees and 600,000 beneficiaries at an annual rate of about $36 billion at the end of fiscal year 1994; (3) CSRS employees are allowed to retire at age 55, while FERS employees may retire at age 57; (4) the average CSRS retirement age is 61.5 and the average FERS retirement age is 63.5; (5) CSRS provides greater benefits at age 55 than nonfederal plans, but nonfederal benefits are superior at age 62; (6) although CSRS provides greater inflation protection for retirees than FERS or nonfederal plans, nonfederal plans are more likely to adjust benefit amounts; and (7) CSRS, FERS, and social security funds are all financed through investments in Treasury securities.
Download or read book FERS Transfer Handbook written by and published by . This book was released on 1987 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book FERS Federal Employees Retirement System written by and published by . This book was released on 1996 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Comparison of Federal and Private Sector Pay and Benefits written by United States. General Accounting Office and published by . This book was released on 1985 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pursuant to a congressional request, GAO provided current information on private sector and federal white-collar employee compensation packages. By law, federal employees' salaries are set at a level equitable and comparable with similar levels of work in the private sector, unless the President proposes alternative federal pay rates. There is no such requirement for benefits comparability. GAO analyzed several pay and benefits comparability studies conducted by private and federal organizations, but did not independently validate the data contained in the studies. GAO noted that an independent study found that: (1) as of 1984, federal employees' total compensation averaged 7.2 percent less than that for private sector employees; and (2) in 1985, the difference increased to 9 percent or more because the federal pay increase for 1985 was limited to less than the average pay increase in the private sector. GAO found that: (1) frequent presidential use of alternative pay rates caused pay for federal employees to lag significantly behind that for private sector employees; (2) an 18.28 percent federal pay increase would be necessary to achieve federal pay comparability in 1985; (3) the federal retirement system is better than the average private sector system because it is worth more as a percentage of the average employee's pay, and federal retirement benefits are adjusted annually to offset consumer price increases; (4) private studies indicated that private sector employers generally pay a higher share of employee health insurance premiums than does the government; (5) private sector employee life insurance programs provide more basic coverage than the federal employee program, usually at no cost to the employee; (6) while federal employees generally receive one less holiday than private sector employees, this is offset by more generous federal annual leave benefits; and (7) federal sick leave lags behind the average private sector illness and disability income plan by 0.7 percent of pay.
Download or read book State and Local Pensions written by Alicia H. Munnell and published by Rowman & Littlefield. This book was released on 2012-08-27 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the financial crisis and Great Recession, the health of state and local pension plans has emerged as a front burner policy issue. Elected officials, academic experts, and the media alike have pointed to funding shortfalls with alarm, expressing concern that pension promises are unsustainable or will squeeze out other pressing government priorities. A few local governments have even filed for bankruptcy, with pensions cited as a major cause. Alicia H. Munnell draws on both her practical experience and her research to provide a broad perspective on the challenge of state and local pensions. She shows that the story is big and complicated and cannot be viewed through a narrow prism such as accounting methods or the role of unions. By examining the diversity of the public plan universe, Munnell debunks the notion that all plans are in trouble. In fact, she finds that while a few plans are basket cases, many are functioning reasonably well. Munnell's analysis concludes that the plans in serious trouble need a major overhaul. But even the relatively healthy plans face three challenges ahead: an excessive concentration of plan assets in equities; the risk that steep benefit cuts for new hires will harm workforce quality; and the constraints plans face in adjusting future benefits for current employees. Here, Munnell proposes solutions that preserve the main strengths of state and local pensions while promoting needed reforms.
Download or read book Supplemental Civil Service Retirement Plan written by United States. Congress. House. Committee on Post Office and Civil Service and published by . This book was released on 1985 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt:
